"Chinese tech firm Baidu Inc. (NASDAQ:BIDU) started layoffs this week that will hit multiple business units and are expected to run until the end of this year, according to a report published on Friday. Could Be As High As 40% For Some Teams While the companywide number of jobs being cut could not be established, the layoff numbers varied by business unit and performance ratings and could reach as high as 40% for some teams, Reuters reported."
"The potential cuts follow Baidu's second straight quarterly revenue decline. The company reported last week that total revenue fell 7% and online advertising revenue dropped 18% in the third quarter. It also posted a loss of RMB 11.23 billion ($1.59 billion) for the period. U.S-listed shares in the company, which runs China's largest search engine and rivals Alphabet's Google (NASDAQ:GOOGL) (NASDAQ:GOOG) have fallen over 8% in the past month, according to data from Benzinga Pro. But they are up 40.6% so far this year."
Baidu started layoffs this week that will hit multiple business units and are expected to run until the end of this year. Layoff rates vary by business unit and performance ratings and could reach as high as 40% for some teams. Baidu's workforce numbered 35,900 at the end of last year. The mobile ecosystem group will bear the brunt of the cuts, while roles tied to AI and cloud computing will largely be protected. The company posted a second straight quarterly revenue decline, with total revenue down 7%, online advertising revenue down 18%, and a Q3 loss of RMB 11.23 billion.
Read at Benzinga
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